Commonwealth Bank of Australia (ASX: CBA) continues to act as a jumping jack for the overall S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO) with its shares setting yet another all-time high.
This morning Commonwealth Bank shares have soared as high as $81.94, surpassing the company's previous high of $81.86. Given the weighting the bank has on the overall market (with a market capitalisation of $132.4 billion), the surge has helped to propel the ASX 200 to within 34 points of its multi-year high of 5554.5 points.
Of course, Commonwealth Bank's rivals have also contributed to the effort with Westpac Banking Corp (ASX: WBC) and Australia and New Zealand Banking Group (ASX: ANZ) sitting near all-time highs, while National Australia Bank Ltd (ASX: NAB) sharec have had a solid 18 month period.
In addition to record profits and low interest rates, investors have splurged on the banks' shares in search of high yielding assets.
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Each of the big four banks has run an incredible race in recent years, but with the shares becoming more and more expensive, it seems that the race is now nearing an end.
